International Brent crude oil futures were at $61.37 per barrel at 0240 GMT, down 71 cents, or 1.1 percent from their last close. US West Texas Intermediate (WTI) crude futures were at $52.64 per barrel, down 61 cents, or 1.1 percent, from their last close.
Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that US oil markets are in a growing glut.
But US President Donald Trump threatened on Tuesday to place “major tariffs” on Chinese goods imported into the United States if his administration didn’t reach a desirable deal with Beijing.
The bank said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019. Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.